RLUSD or USDC — how does Ripple’s stablecoin compare?
RLUSD (Ripple): $2.4B in circulation, not authorised under MiCA. USDC (Circle): $72.7B in circulation, authorised under MiCA in the EU. USDT (Tether): $183.4B in circulation, not authorised under MiCA.
RLUSD is Ripple’s dollar stablecoin, issued on the XRP Ledger and Ethereum by a New York-chartered trust company. It is much smaller than USDC and USDT so far. All three aim at one dollar and hold cash and short-term US Treasuries as reserves.
How this list is made: computed from the live TokenBank dataset each time the page is built — 3 matching rows, each linked to its own page and source.
Figures from our live dataset · data as of 2026-10-11 · this answer as JSON · not investment advice
| Token | Issuer | Yield / return | Minimum | KYC to buy | EU (MiCA) | Chain |
|---|---|---|---|---|---|---|
| RLUSD Ripple USD | Ripple | No yield | — | No KYC on a DEX | Not authorisedsource | Ethereum / XRPL |
| USDC USD Coin | Circle | No yield | — | No KYC on a DEX | Authorised · ACPR (France) Circle Internet Financial Europe SAS source | Ethereum / Hyperliquid L1 / Solana (+154) |
| USDT Tether | Tether | No yield | — | No KYC on a DEX | Not authorisedsource | Tron / Ethereum / BSC (+127) |
Side by side
| RLUSD | USDC | USDT | |
|---|---|---|---|
| Liquidity | Traded on public markets — venues not verified | Traded on public markets — venues not verified | Traded on public markets — venues not verified |
| KYC to mint with the issuer | KYC required | KYC required | KYC required |
| KYC to buy on a market | No KYC | No KYC | No KYC |
| KYC to redeem | KYC required | KYC required | KYC required |
| Assets under management | $2,433,135,952 circulating | $72,656,933,418 circulating | $183,360,958,165 circulating |
| Jurisdiction | United States | United States | United States |
| How to buy | On exchanges (KYC there) or on a DEX with a self-custody wallet (no KYC). Minting and redeeming run through Ripple Mint, for institutional customers after a compliance check. | On any exchange (KYC there) or on a DEX with a self-custody wallet (no KYC). Minting and redeeming 1:1 runs through Circle Mint, which is open to approved institutions only. | On any exchange (KYC there) or on a DEX with a self-custody wallet (no KYC). Minting and redeeming directly with Tether needs a verified account and is aimed at large amounts. |
More questions
Which is the largest?
By size, USDT at $183.4B, followed by USDC at $72.7B and RLUSD at $2.4B. Size is not safety, but a larger product usually means a deeper market to sell into.